Central Bank of India Business Loan [Interest Rate, Processing Fees, Tenure, Prepayment Charges 2022]



Central Bank of India Business Loan

About Central Bank of India : The Central Bank of India, or Central Bank, in short, is a leading Indian nationalized bank. It has been functioning since 1911 and is currently owned by the Ministry of Finance under the Government of India. The Bank was founded by Sir Sorabji Ponchkhanawala, and Sir Pherozeshah Mehta was the first appointed chairman. 

Today, the Central Bank functions in almost all Indian cities, with its headquarters in Mumbai. Centbank Financial Services Ltd. and Asset Management Arm are some of the subsidiaries of the Central Bank of India. Currently, the bank is also planning to expand to Singapore, Dubai, Doha, and London and has sought approval from RBI regarding the same. 

As one of the oldest and most evolving banks, the Central Bank of India has many new products launched to help the growing needs of its customers. The Cent Pragati Scheme is a loan for manufacturers and traders from MSME and Agricultural Manufacturing Unit fields. Moreover, the schemes such as FCNR (B) Deposit Schemes and Cent FCNR (B) Premium Plus Deposit Scheme have become popular since initiation. 

The Central Bank also offers Cent Grih Lakshmi Home Loan and Cent Vahinin Vehicle Loan at low rates. Post the Covid-19 pandemic, to initiate vaccination among the Indian nationals; the Immune India Deposit Scheme was launched..

Headquarter: Currently, the headquarters of the Central Bank of India is Mumbai in Maharashtra. Mumbai is the financial capital of India and is the key operating office of the bank.

Number of employees: Central Bank of India houses about 32,335 employees throughout its all branches. Tapan Ray is the Non-Exe Chairman and Matam Venkata Rao is the Md and CEO.

Number of Branches & ATM: As of the last fiscal year, 2021, the Central Bank of India operates a network of 4,608 bank branches. Additionally, there are 3644 functional ATMs and 10 satellite offices. CBI also has one extension counter alongside all these. The Bank is present overall 28 states and 7 of the Union Territories with a total of 574 district headquarters.

Rate of Interest : 8.55% – 12.5% Per Annum

Loan Amount : Up to Rs.10 lakh

Maximum Tenure : Up To 5 Years

Processing Fee : Nil up to Rs.50,000 and 0.5% of the loan amount + GST

Prepayment Charges : NA

Yearly Business Income : As Per Loan amount Requirements

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